Nxera Pharma cashes in on soaring demand

In the nine months to end-September, revenues rocketed to $145.5 million – up a massive $105.8m from the prior corresponding period.

This increase was primarily due to the inclusion of five development milestones and one upfront fee (vs. one milestone in the prior corresponding period).

R & D expenses totalled $56.4m, an increase of $5.6m year-on-year. The operating loss totalled $18.8m – massively down on the loss of $57.m in the prior corresponding period. It all meant that the pre-tax loss was lowered to $15.2m from $57m.

The company has cash and equivalents of $343.8m, down $4.2m from the start of the year.

Chris Cargill, President & CEO of Nxera, is buoyant about the future: “The third quarter of 2024 has seen Nxera reach two important product development milestones.

“First, in September, we received approval in Japan for QUVIVIQ™ for the treatment of adult patients with insomnia and are working towards making this new treatment available to patients as soon as possible under a new partnership with Shionogi.

“This achievement is a great example of Nxera’s capabilities and ambitions in Japan and also reinforces our commitment to addressing critical health needs in the sleep disorder space. We believe that this therapy will make a meaningful difference in the lives of those struggling with insomnia.

“We were also thrilled by the positive Phase 2 data reported by our partner Neurocrine Biosciences for NBI-1117568 in schizophrenia and their commitment to advance this candidate into Phase 3 trials in 2025. We believe the clinical data highlight the competitive profile of NBI-1117568 and validate the power of our NxWave™ discovery platform to deliver differentiated molecules that modulate important disease targets.

“We look forward to reporting progress on these and other programs in our inhouse and partnered pipeline over future months as we continue our mission to bring innovative therapies to patients in Japan and around the world.”